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CAPITAL GAINS ENTREPRENEURS’ RELIEF CHANGES

The Chancellor has announcedthat the minimum qualifying period for capital gains entrepreneurs’ relief will be increased from 12 months to 24 months for disposals on or after 6 April 2019.

There are further changes affecting shareholdings in personal companies. In addition to the individual holding 5% or more of the ordinary share capital and voting control they will also now be required to be entitled to 5% or more of the company’s distributable profits and assets in a winding up. As now the individual must also be an officer or employee of the company concerned; and the company must be a trading company or the holding company of a trading group.